McGlone Suttner Wealth Management Inc. bought a new position in shares of Centene Corporation (NYSE:CNC – Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 10,938 shares of the company’s stock, valued at approximately $679,000.
Other institutional investors have also bought and sold shares of the company. BlackRock Inc. bought a new stake in Centene in the second quarter valued at $2,660,422,000. Wellington Management Group LLP raised its stake in Centene by 423.0% during the second quarter. Wellington Management Group LLP now owns 13,301,215 shares of the company’s stock worth $853,805,000 after acquiring an additional 10,757,914 shares in the last quarter. Bank of America Corp DE bought a new position in shares of Centene during the second quarter valued at $285,713,000. Deutsche Bank AG bought a new position in shares of Centene during the second quarter valued at $257,279,000. Finally, Legal & General Group Plc bought a new position in shares of Centene during the second quarter valued at $244,463,000. Institutional investors and hedge funds own 93.63% of the company’s stock.
Analysts Set New Price Targets
Several research firms have recently weighed in on CNC. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $79.00 target price (up from $68.00) on shares of Centene in a report on Monday, August 3rd. UBS Group set a $79.00 target price on shares of Centene in a research report on Tuesday, August 18th. Wells Fargo & Company set a $69.00 price target on shares of Centene and gave the company an “equal weight” rating in a report on Monday, July 13th. HC Wainwright restated a “buy” rating on shares of Centene in a research report on Friday, September 11th. Finally, Weiss Ratings upgraded shares of Centene from a “sell (d)” rating to a “sell (d+)” rating in a research report on Thursday. Nine analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Centene presently has a consensus rating of “Hold” and a consensus price target of $70.05.
Insider Activity at Centene
In related news, General Counsel Christopher Koster sold 56,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $66.90, for a total value of $3,779,850.00. Following the completion of the sale, the general counsel owned 248,854 shares of the company’s stock, valued at $16,648,332.60. This trade represents a 18.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.37% of the stock is owned by company insiders.
Centene Price Performance
NYSE CNC traded up $2.46 on Tuesday, hitting $69.48. 2,427,616 shares of the company were exchanged, compared to its average volume of 5,643,640. Centene Corporation has a 1-year low of $31.63 and a 1-year high of $69.63. The firm has a 50 day moving average of $65.05 and a two-hundred day moving average of $58.82. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.71. The company has a market cap of $34.32 billion, a P/E ratio of -6.65, a P/E/G ratio of 0.41 and a beta of 1.13.
Centene (NYSE:CNC – Get Free Report) last posted its quarterly earnings data on Monday, July 27th. The company reported $2.51 earnings per share for the quarter, beating the consensus estimate of $1.09 by $1.42. Centene had a negative net margin of 2.51% and a positive return on equity of 12.12%. The firm had revenue of $53.58 billion during the quarter, compared to analysts’ expectations of $47.64 billion. During the same quarter last year, the company posted ($0.16) EPS. The company’s quarterly revenue was up 9.9% compared to the same quarter last year. On average, equities analysts predict that Centene Corporation will post 4.89 EPS for the current year.
About Centene
Centene Corporation (NYSE:CNC) is a healthcare enterprise that provides health insurance and related services, primarily through government-sponsored programs. Its offerings include Medicaid plans, Medicare products, health plans sold through the Affordable Care Act marketplace, and services for military families through government-sponsored healthcare programs.
The company also provides pharmacy, behavioral health, specialty healthcare, care management and administrative services through various subsidiaries and partner organizations.
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